- Tether announced to Perform a Chain Swap for 300 Million USDT token from Omni to ERC20 with the help of the third party.
- The tether’s total supply will not affect this Swap as mentioned by Tether in their tweet.
- The Tether treasury transacted around 300 million USDT to Binance, During this process, the circulating amount of Tron-USDT reached around 800 million.
Tether Shared an update on Micro-Blogging site twitter on 29th October mentioning that they’re going to perform a 300 million USDT currency chain swap in 2 hours.
Within 2h Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process.
Learn more about chain swaps https://t.co/abfgnELSvi
— Tether (@Tether_to) October 29, 2019
The third-party through which the swap is performing by Tether is unknown and Tether is doing this swap to the ERC20 from the Omni Protocol. The treasury of Tether is transacted around 300 million USDT to Binance. During this process, the circulating amount of Tron-USDT reached around 800 million.
300,000,000 #USDT (300,114,453 USD) transferred from #Binance to Tether Treasury
Tx: https://t.co/KPSubIpOT3
— Whale Alert (@whale_alert) October 29, 2019
The blockchain transaction between the Binance and Tether Treasury was registered by the account on Twitter named ‘Whale Alert’. The crypto community is speculative about another increase in the value of bitcoin. The tweet by Whale Alert is posted on the transferring details on Twitter and people in the crypto community started to make guesses to the objective of the enormous transaction of USDT to the world’s largest cryptocurrency exchange from the treasury of Tether.
Some of the users even said that the Bitcoin price might increase up to the value of $16k by this chain swap between USDT to binance. However, the clarification also came from the Paolo Ardonio, CTO of Tether and Bitfinex and he started it is just chain swap among the Ethereum’s ERC-20 and Omni Layer protocol.
Another statement came from Justin Sun, CEO of Tron and he said that the tie-up of the USDT-Tron will become famous as the stablecoin version of the USDT. He said this on the conversion of the USDT-Omni to the USDT-Tron in the enormous amount. As the previously mentioned this also increased the circulating value by $800 million.
